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Related Party Transactions | 12 Months Ended
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Dec. 31, 2017
Related Party Transactions [Abstract] |
Related Party Transactions | NOTE K – RELATED PARTY TRANSACTIONS On December 9, 2002, a Georgia limited liability company acquired rights from an unrelated third party through a foreclosure sale to receive 5% of post-finance cost proceeds, if any, from shipwrecks that we may recover within a predefined search area of the Mediterranean Sea. The shipwreck we believe to be HMS Sussexis located within this search area. Two of our officers and directors at the time owned a 58% interest in the limited liability company until they sold their interests to an unrelated third party in 2005. If, at any time, Odyssey is forced to cancel or abandon the project due to political interference, the officers may be required to buy back their interests. In December 2015, we entered into an asset acquisition agreement with Monaco Financial, LLC (“Monaco”) (See NOTE R for further information). We had accounts receivable with Monaco and related affiliates at December 31, 2017 and 2016 of $183,453 and $205,497, respectively. We had general operating payables with Monaco at December 31, 2017 and 2016 of $508,802 and $267,824, respectively. See NOTE I for further debt commitments between the entities. Based on the economic substance of these business transactions, we consider Monaco Financial, LLC to be an affiliated company, thus a related party. We do not own any financial interest in Monaco. During the first part of 2017, we performed and completed marine shipwreck search and recovery charter services for this related party, and recognized revenue of $1.2 million. We also lease our corporate office space on an annually renewable basis from Monaco at $20,080 per month.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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